Large, swollen, hard bump on top of foot below ankle. Swelling seems to have cut off circulation to second toe. What could this be caused from?

Ganglionic cyst. I agree that you may have a cyst. Seek a foot specialist for the proper evaluation you may need to have it drained and aspirated or removed.
Synovial cyst. It could be a synovial cyst. They usually are inconsequential unless they put pressure on other tissues and it seems your blood vessel is being compressed. Go to your doctor for proper examination, treatment, or even surgery if necessary. There still could be other causes or diagnosis, so best to be seen by your md.

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Why is my foot still swollen when ankle swelling is almost gone from diuretic use?

Gravity, Probably you still have some excess fluid. Feet being the most dependent ( lower most) part of the body are the the last to show improvement in swelling (law of gravity). However talk to your doctor if the feet swelling are persistent. Read more...
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Why is my foot still swollen but ankle swelling is almost gone?

More Information. Without more information it is difficult to determine if there might be something more going on. It is important to know whether you had a injury and what type, what treatment you have had, and what diagnostic studies have been performed in order to gather a more clear picture. Read more...
Need more details. To receive an answer that will be more helpful for you , you need to give more information...Your health status, any problems such as gout, diabetes or blood pressure concerns.You should state how long it has been a problem and what you do to make it feel better.Also tells us what it looks like..Is it discolored, swollen or point tender.The more you tell the better the answer. Read more...

How is it that my foot is still swollen when my ankle swelling has been reduced?

Gravity work. I do not know your problem, but foot swelling will subside after ankle swelling because of the distance from the heart. Be patient it will go away if you do not have any other problem. Read more...